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United States · Bill · S

S. 739 (97th)

A bill to amend the Internal Revenue Code of 1954 to make the investment credit for railroad property refundable.

openUnited States· United States Congress· EN

Introduced

19 March 1981

Last action

24 March 1981 · Committee

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Sponsors

Sen. Durenberger, Dave [R-MN], Sen. Pressler, Larry [R-SD], Sen. Melcher, John [D-MT], Sen. Baucus, Max [D-MT], Sen. Dixon, Alan J. [D-IL], Sen. Mathias, Charles McC., Jr. [R-MD], Sen. Heflin, Howell [D-AL], Sen. Abdnor, James [R-SD]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to remove the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage to qualified investment in railroad property owned by a domestic common carrier. Provides for the refundability of such credit. Requires the maintenance of a separate account for amounts received as credit refunds. Limits withdrawals from such accounts to amounts used for maintenance, improvement, or acquisition of property or payment of the railroad retirement tax. Requires the Secretary of the Treasury to reserve amounts received pursuant to imposition of the windfall profit tax equal to the decrease in revenues attributable to this Act. Authorizes appropriations to carry out the purposes of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 19 March 1981

    Introduced

    Read second time and referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 19 March 1981

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 24 March 1981

    Committee

    Committee on Finance requested executive comment from OMB; Treasury Department.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Leesvertaling

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Sponsors

Related records

Sources

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